Employment Recap: August 2024

Overall, August’s employment data shows steady growth in the labor market with notable gains in construction and health care. Though the unemployment rate remains relatively high despite it decreasing, wage growth continues to be positive, suggesting a resilient labor market.

“It’s no shocker that construction and health care are seeing growth. As medical technology advances, new opportunities are created. There’s also been an increase in access to health care, which is allowing more people access to these services, driving the need for more health care professionals. In the construction sector, job growth has ebbed and flowed over the last decade, but we are certainly seeing increased demand post-pandemic.”

– Gabriella Stelle, Executive Vice President at EDI Staffing

Here is a recap of the August employment situation from the recent BLS Employment Situation Summary released on Friday, Sep 6, 2024:

Unemployment Rate: Slight decrease to 4.2%

The unemployment rate slightly decreased from 4.3 to 4.2 percent in August, putting the total number of unemployed individuals at 7.1 million. A year ago this number was closer to 6.3 million unemployed, or 3.8 percent. 

Jobs Added: 142,000

In August, there was a slight increase in the number of jobs available. Specifically, nonfarm payroll employment increased by 142,000 in August compared to a gain of 114,000 in July.

Here are 3 industries that saw more job growth than others:

• Construction: +34,000 jobs
• Health Care: +31,000 jobs
• Social Assistance: +13,000 jobs

Labor Force Participation Rate: 62.7%

The percentage of people working or actively looking for work stayed steady at 62.7 percent. This number hasn’t changed much over the past year. 

Wages and Work Hours: Modest Increase

There was a modest increase in wages in August. As a result, the average hourly earnings for employees on nonfarm payrolls increased by 14 cents or 0.4 percent, bringing the average to $35.21 compared to $35.07 in July – a positive sign for workers! 

Over the past 12 months, wages have grown by 3.8 percent.

Additionally, the average workweek increased by 0.1 hours to 34.3 hours in August.

Recent Job Openings Through EDI Staffing:

Our Talent Pool:

Our summary provides a snapshot of the key changes in the labor market from July to August 2024. For more detailed data and further information, you can visit the Bureau of Labor Statistics (BLS) website at www.bls.gov 

To find work or hire talent, contact us!